The Lotus Eye Care Hospital IPO, which was originally scheduled to close today, 17 June 2008, will now close on 20 June 2008 with the company extending the issue closing date due poor response from investors. Further the price band has also been revised downwards from the earlier Rs 38 to Rs 42 per share to Rs 36 to Rs 38 per share.

The Lotus Eye Care Hospital IPO was subscribed 0.61 times by 17 June 2008. The IPO received bids for 61.29 lakh shares, as against 1 crore shares on offer.

Lotus Eye Care Hospital entered the primary market with a public issue of 1 crore equity shares of Rs 10 each through the 100% book building process.

Lotus Eye Care Hospital is a leading super-speciality eye care company with eye care hospitals and clinics at locations in South India. It presently has a network of two eye care hospitals at Coimbatore and one each in Salem and Tirupur. The network had nine operation theatres and three lasik laser equipment and total bed strength of all the centres was 120 beds, excluding eye camp beds.

The company plans to utilise the net proceeds of the issue to part finance its Rs 55-crore expansion plan.

The company reported 148.10% jump in net profit to Rs 1.29 crore on 177.80% surge in net sales to Rs 6.75 crore in the year ended March 2007 over the year ended March 2006.

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